agreement for Loan
madhukar
(Querist) 09 November 2008
This query is : Resolved
Sir,
i had given rs 2 lac to my friend (as financial help for his marriage) five year back without any legal documents.still after five years he is not repaid it i do not have documentary evidence except in year 2005 he had issued me 4 cheques of 50000 each.this i have not deposited bcoz he said that he do not have sufficient balance in a/c.
1.is anything i can do legally to get my money back from him.
2. now he is saying to me that i should arrange for loan for rs 2 lac & he will repay the loan from his salary.accordingly i had arranged a loan of rs 2 lac from a pvt party.the party is paying 2 lac to me.& my friend will repay it in five years to him with interest. party has asked for PDC from him for five years.
how this can be legalize &what type of agreement we should make so that we (party &me) will able to take legal action in case dishonor of cheque happens in future.
pl suggest me best possible action.
Manish Singh
(Expert) 09 December 2008
MAKE AN AGREEMENT BETWEEn you an ur friend that the friend has taken a loan from you and now in lieu of that loan he is repying it to the third party as installments for your 2 lakh. also mention eavch and eevery detail likme cheques issued by him and all that.
